创新药大牛市下的分支思路（一）——“中国超市”还有哪些值得期待

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [6]. Core Insights - The report highlights the strong performance of the pharmaceutical sector, with the Shenwan Pharmaceutical Index increasing by 2.21% during the week of May 26-30, outperforming both the ChiNext Index and the CSI 300 Index [11][12]. - It emphasizes the ongoing bullish trend in innovative drugs, suggesting that they are becoming a "reverse asset" in the current market environment, and encourages investors to continue buying into innovative drugs [13][14]. - The report outlines three main investment themes: "China Supermarket," "Revaluation of Generic Big Pharma," and "Small and Medium-Sized Value Pipeline" [13][14]. Summary by Sections Industry Performance - The pharmaceutical sector has shown resilience and strong performance amidst market fluctuations, particularly in innovative drugs and CRO/CDMO segments [12][13]. - The report notes that innovative drugs are expected to remain a focal point for market performance due to their underlying industry trends [13]. Future Outlook - The report anticipates a positive trading atmosphere for the pharmaceutical industry in 2025, with structural bull markets being a high probability [14]. - Key investment strategies include focusing on innovative drugs, new technologies like brain-computer interfaces, and self-sufficiency in the supply chain [14]. Investment Strategy - Specific recommendations for innovative drugs include major players such as Kelun Pharmaceutical, Innovent Biologics, and BeiGene, as well as small and medium-sized companies like Sihuan Pharmaceutical and Zai Lab [15]. - The report also identifies new technology investments in brain-computer interfaces and AI in healthcare, with companies like Weisi Medical and JD Health highlighted [16]. - For self-sufficiency and supply chain restructuring, companies such as BGI Genomics and Mindray Medical are recommended [16]. Key Areas of Focus - The report identifies three major areas for potential out-licensing deals: PD-(L)1 Plus, TCE bispecific antibodies, and weight loss drugs, which are expected to generate significant future transactions [22][25]. - It emphasizes the potential of FGF21 as a promising target in weight loss, metabolic syndrome, and lipid-lowering therapies [28].